From Navigator to Co-Pilot: Unleash the Power of A Partner CFO

As a lifelong Geelong Cats supporter, I've been watching our recent form slump with a mix of concern and curiosity. Coach Chris Scott's recent comments about not rebuilding, despite a string of losses, got me thinking about leadership in times of adversity - both in sport and in business.

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Scott's declaration that Geelong hasn't undergone a rebuild for 14 years, and won't start now, reminds me of the steadfast leadership that Partner CFOs bring to organisations. Like a seasoned coach, Partner CFOs don't panic when faced with short-term setbacks. Instead, they look at the bigger picture, assess the team's strengths and weaknesses, and strategise for long-term success. Whilst they keep a close eye on what the short-term data is telling them and adjust their tactics accordingly, they maintain a strategic outlook, balancing short-term performance with the mission and the vision.

In our CFO Evolution series, we've journeyed from the reactive Firefighter, through the capable Deliverer, to the insightful Adviser. Now, let's explore what it takes to be a Partner CFO - a true co-captain and the effective CEO's secret weapon.

Partner is not the ultimate goal

While you'll note the Partner CFO sits near the top of both scales, representing a CFO who is highly proactive and has a significant positive impact on the business, it does not sit at the top. Partner should not be the end game. It should be the starting point. The ticket to play. But that's the topic for another time.

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According to our research, Partner CFOs sit in the top third of all CFOs according to our research; or about 31.88%. This is a level where finance leaders are not just part of the strategic conversation - they're often leading it. Whilst they are not at Playmaker level yet, they're very near the top of their game and they are an enormous asset to their CEO.

Recognising the Partner CFO (tip: it's not the same as Adviser!)

Partner CFOs are distinguished by their strategic influence and broad impact across the organisation. Here are some key characteristics:

• They seamlessly integrate financial strategy with overall business strategy
• They have strong relationships with both internal and external stakeholders, who value their viewpoint and contribution
• They're seen as a trusted guide by the CEO and other C-suite executives on a wide range of business issues
• They're actively developing the next generation of finance leaders within the organisation

The distinction between an Adviser and Partner, is that when you're an adviser, your stakeholders might ask for your opinion. But that's it. That's where the interaction stops. It's almost like you're an external adviser to the business. (A red flag is if you're known as the Support Office.) When you're a partner, you walk alongside each other through the highs and lows of the journey, facing the challenges and celebrating the rewards together.

Does this sound like you? If so, well done! You're a financial leader who's making a solid impact on your business.

Common Challenges for Partner CFOs

Even at this high level of performance, you may face your own set of challenges. Partner CFOs often grapple with:

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1. Balancing Breadth and Depth: Partner CFOs need to maintain a broad perspective on the business while still ensuring the finance function runs smoothly.
2. Managing Diverse Stakeholder Expectations: From the board to investors, from the CEO to operational teams, Partner CFOs must balance various, sometimes conflicting, expectations.
3. Driving Organisational Change: Partner CFOs often lead major transformation initiatives. This can be met with resistance, and whilst the Partner CFO is influential, they are not yet seen as the 2IC to and stand-in for the CEO.

Remember, these challenges are opportunities for growth for you. Each one overcome strengthens your potential impact on the organisation.

The Hidden Superpowers of a Partner CFO

Partner CFOs, like seasoned coaches, possess unique abilities that set them apart:

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• An ability to see the 'whole field', understanding how different parts of the business interact and impact each other.
• Strong leadership skills, inspiring and guiding not just the finance team, but influencing the entire organisation.
• A talent for translating complex financial concepts into actionable business strategies.
• Resilience and adaptability, able to adjust strategies quickly in response to changing business conditions.

Any of these sound familiar to you? These skills, when fully leveraged, can significantly enhance your organisation's performance and competitive position.

The Next Step: From Partner to Playmaker

The final step in the CFO evolution is from Partner to Playmaker.

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Playmaker CFOs build upon the strengths of the Partner. The transition from Partner to Playmaker is marked by a shift from strategic guide to visionary leader.

Here's how a Playmaker CFO differs from a Partner CFO in their behaviour and impact:

Playmaker CFOs do things differently. They obsess about how they can find space to create wealth because they recognise that time is not the issue. They're delibrate about everything they do and they're not afraid to buck the norm.

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Playmaker CFOs represent less than 4% of all CFOs. Reaching the Playmaker level is a significant achievement, representing the pinnacle of CFO evolution.

How your CEO can support you

Here are some ways you can work with your CEO to evolve into a Playmaker:

For the CEO, having a Playmaker CFO means having a partner who not only supports the execution of the vision but also plays a crucial role in securing the resources and stakeholder buy-in necessary to bring transformative ideas to life and cement the CEO's legacy.

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Are you a Partner CFO?

Is your CEO supporting your growth?

What impact would shifting from Partner to Playmaker have on you and your organisation?

I'd love to hear your thoughts...